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Economists
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WHAT THEY DO
Economists study how society distributes resources, such as
land, labor, raw materials, and machinery, to produce goods and
services. They conduct research, collect and analyze data,
monitor economic trends, and develop forecasts on a wide
variety of issues, including energy costs, inflation, interest rates,
exchange rates, business cycles, taxes, and employment levels,
among others.
Economists develop methods for obtaining the data they need.
For example, sampling techniques may be used to conduct a
survey, and various mathematical modeling techniques may be
used to develop forecasts. Preparing reports, including tables
and charts, on research results also is an important part of an
economist's job, as is presenting economic and statistical
concepts in a clear and meaningful way for those who do not
have a background in economics. Some economists also
perform economic analysis for the media.
These workers study the money and banking system and the
effects of changing interest rates. International economists study
global financial markets, currencies and exchange rates, and the
effects of various trade policies such as tariffs. Labor economists
and demographic economists study the supply and demand for
labor and the determination of wages. These economists also try
to explain the reasons for unemployment and the effects of
changing demographic trends, such as an aging population and
increasing immigration, on labor markets. Public finance
economists are involved primarily in studying the role of the
government in the economy and the effects of tax cuts, budget
deficits, and welfare policies. Econometricians investigate all areas
of economics and apply mathematical techniques such as
calculus, game theory, and regression analysis to their research.
EDUCATION REQUIRED
A master's or Ph.D. degree in economics is required for many
private sector economist jobs and for advancement to higher-level
positions. In the Federal Government, candidates for entry-level
economist positions must have a bachelor's degree with a
minimum of 21 semester hours of economics and 3 hours of
statistics, accounting, or calculus, or a combination of education
and experience.
Economics includes numerous specialties at the graduate level,
such as econometrics, international economics, and labor
economics. Students should select graduate schools that are
strong in the specialties that interest them. Some schools help
graduate students find internships or part-time employment in
government agencies, economic consulting or research firms, or
financial institutions before graduation.
Many economists specialize in a particular area of economics,
although general knowledge of basic economic principles is
essential. Microeconomists study the supply and demand
decisions of individuals and firms, such as how profits can be
maximized and the quantity of a good or service that consumers
will demand at a certain price. Industrial economists and
organizational economists study the market structure of
particular industries in terms of the number of competitors within
those industries and examine the market decisions of
competitive firms and monopolies. These economists also may
be concerned with antitrust policy and its impact on market
structure.
Macroeconomists study historical trends in the whole economy
and forecast future trends in areas such as unemployment,
inflation, economic growth, productivity, and investment.
Monetary economists and financial economists do work that is
similar to that done by macroeconomists.
Undergraduate economics majors can choose from a variety of
courses, ranging from microeconomics, macroeconomics, and
econometrics to more philosophical courses, such as the history of
economic thought. Because of the importance of quantitative skills
to economists, courses in mathematics, statistics, econometrics,
sampling theory and survey design, and computer science are
extremely helpful.
Whether working in government, industry, research organizations,
or consulting firms, economists with a bachelor's degree usually
qualify for entry-level positions as a research assistant, for
marketing or finance positions, or for various sales jobs. A master's
degree usually is required to qualify for more responsible research
and administrative positions. A Ph.D. is necessary for top
economist positions in many organizations.
Aspiring economists should gain experience gathering and
analyzing data, conducting interviews or surveys, and writing
reports on their findings while in college. This experience can
prove invaluable later in obtaining a full-time position in the field
because much of the economist's work, especially in the
beginning, may center on these duties. With experience,
economists eventually are assigned their own research projects.
Related job experience, such as work as a stock or bond trader,
might be advantageous.
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Economists - Continued
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OTHER USEFUL SKILLS
JOB GROWTH
Those considering careers as economists should be able to pay
attention to details because much time is spent on precise data
analysis. Candidates also should have strong computer and
quantitative skills and be able to perform complex research.
Patience and persistence are necessary qualities, given that
economists must spend long hours on independent study and
problem solving. Good communication skills also are useful, as
economists must be able to present their findings, both orally
and in writing, in a clear, concise manner.
Employment of economists is expected to grow 6 percent from
2008 to 2018, which is slower than the average for all occupations.
Demand for economic analysis should grow, but the increase in
the number of economist jobs will be tempered as firms hire
workers for niche areas with specialized titles. Many workers with
economic backgrounds will work in related fields with more specific
job titles, such as financial analyst, market analyst, public policy
consultant, researcher or research assistant, purchasing manager,
or a variety of positions in business and the insurance industry.
Overall employment growth also will be slowed because of the
relatively high number of economists—about 53 percent—
employed in declining government sectors.
HOW TO ADVANCE
With experience or an advanced degree, economists may
advance to positions of greater responsibility, including
administration and independent research.
Many people with an economics background become teachers.
A master's degree usually is the minimum requirement for a job
as an instructor in a community college. In most colleges and
universities, however, a Ph.D. is necessary for appointment as
an instructor. A Ph.D. and publications in academic journals are
required for a professorship, tenure, and promotion.
Employment growth should be fastest in private industry,
especially in management, scientific, and technical consulting
services. Rising demand for economic analysis in virtually every
industry should stem from the growing complexity of the global
economy, the effects of competition on businesses, and increased
reliance on quantitative methods for analyzing and forecasting
business, sales, and other economic trends. Some corporations
choose to hire economic consultants to fill these needs, rather than
keeping an economist on staff. This practice should result in more
economists being employed in consulting services.
WORK ENVIRONMENT
Economists have structured work schedules. They often work
alone, writing reports, preparing statistical charts, and using
computers, but they also may be an integral part of a research
team. Many work under pressure of deadlines and tight
schedules, which may require overtime. Their routine may be
interrupted by special requests for data and by the need to
attend meetings or conferences. Some travel may be necessary.
FACING COMPETITION
Bachelor's degree holders will face competition for the limited
number of economist positions for which they qualify. However,
they will qualify for a number of other positions that can use their
broad-based economic knowledge. Many graduates with
bachelor's degrees will find jobs in business, finance, insurance,
or related fields. Numerous positions in sales should also be
available. Bachelor's degree holders with good quantitative skills
and a strong background in mathematics, statistics, survey
design, and computer science also may be hired as
researchers. Some will find jobs in government.
Candidates who meet State certification requirements may
become high school economics teachers. The demand for
secondary school economics teachers is expected to grow, as
economics becomes an increasingly important and popular
course.
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In addition to job openings from growth, the need to replace
experienced workers who retire or leave the labor force for other
reasons will create openings for economists.
Individuals with a background in economics should have
opportunities in various occupations. Some examples of job titles
often held by those with an economics background are financial
analyst, market analyst, public policy consultant, researcher or
research assistant, and purchasing manager.